It used to be: when pundits announced that the "Fed raises rates," that interest rates actually went up. No longer.
Mortgage rates and ten year treasury yields have collapsed since the recent "Fed raises rates" announcement.
The Fed has arbitrarily used its unlimited purse strings to raise the one-day repo and funds rate, but no other rates followed. Interest rates are lower today -- much lower -- on things that matter -- mortgages, ten year treasuries, high yield debt, commercial loans, whatever -- than they were before December, 2015 when the Fed began "raising rates."
Once again, economists use of terms like "raising rates" doesn't really mean raising rates for any interest rate that might be relevant to the economy. Economists have a narrative. If the facts don't fit the narrative, economists invent new (false) facts.
Interest rates are down, not up. The Fed has done nothing of consequence through their recent "interest rate increases."